FINANCIAL STATEMENT.

Te Aroha News, Volume XII, Issue 1756, 3 August 1895, Page 2

FINANCIAL STATEMENT.

The Hon. Mr Ward delivered the Financial Statement to the Committee on Tuesday evening. INTRODUCTION. The Treasurer congratulated thef House on the satisfactory results of the year’s finance, Bearing in mind the great reduction Jm the spending power of the people, consequent on low prices, it was cheering to find that financially the colony occupies a strong position. He had made some alteration the form of public accounts with the object.af placing their position more clearly before the public. REVENUE ACCOUNTS 1894-5.

The estimate of revenue for the year had been placed at £4,235,000 enclusive of £117,, 800 to be received to provide for the accretions of sinking funds payable during the year. The actual have been £4,. 261.895, or £46,995 in excess of estimate; Seven heads had yielded an excess .of £94,561; under three there was a deficit of £47,565; two of the three being Customs duties £20,215, and railways £17,251. He had anticipated a deficiency in Customs of over £55,000. This had been exceeded by the amount give above. It had been apparent for some months before March last, that importers were narrowing their orders to the greatest possible degree. This was to be anticipated as alterations in the tariff were imminent. In addition two of their largest importing dry goods firms had disposed of, their duty-paid goods at auction, and thus supplied large parcels of goods which otherwise would have been replaced by importations, There is also, a considerable reduction in the revenue from wines and spirits. This, however, was not matter for regret, as it proves that the people are more temperate in their habits.

These incidents of trade also diminished railway revenue. The grain traffic fell off enormously, the exports being two million bushels less than the previous year. Stamp revenue .increased £39,225 over last year, which includes some large sums for succession duties. The ordinary receipts also show au increase. Land and Income Taxes combined show an increase of over £20,000 or £4OOO for the, Land Tax and £16,000 for the Income Tax. Although the territorial receipts show an increase of £26,166 over the estimate they are only £3107 over the previous year’s revenue. So long as low prices prevail for our produce au increase is not to he looked for, indeed it would be a matter for surprise if there were not a decrease during the current year. EXPENDITURE.

Passing on to the expenditure for the past year, the Treasurer pointed out that as compared with the Estimates the amount underspent was £33,487.. Of this sum £27,787 was not required for interest and •sinking fund charges.. £50,000 was set down for interest on Treasury Bills, whereas only £33,985 was required! The difference of £II,OOO can he claimed‘as a saving in consequence of the early collection'of the Land Tax, as it became unnecessary to issue Treasury Bills to the extent contemplated. Over £II,OOO of interest in the 3i Consolidated Stock held by the AgentGeneral was repaid' to. the credit of the interest account of that loan, and other clashes of securities were not drawn upon to the extent estimated to be necessary.

APPROPRIATIONS, On examining the annual appropriations, the largest items which calf for explanation are . under the heads ‘ PostmasterGeneral* and ‘Departments of Land and Surveys/ Nearly. £14,000 less than the Estimates was paid under the former, and £15,000 under the latter. It will be seen, on reference to the balance of the Consolidated Fund at the end of - the year that the sum of £11,428 remains in the hands Of the Postmaster-General. This sum was advanced by the Treasury that the department might make the usual payments for the departmental services, but. at the last moment it was found impossible to do tins. The Lands and Survey' Department was unable to.carrv out the contemplated purveys of native tod. other lands as r&j idl r as was anticipated. In the Treasury ilasi there is a saving of over £9OOO. The item provided for revision of assessments, could not be used; a large saving was also effected in the payment of the discounts in Louden on the drafts remitted to replenish the public account. Two items under the head Permanent Appropriotions call -for remark. The. first is in'connection with £4,592 over-expended under special Acts, owing to. extra, contributions to hospital and charitable institutions. This resulted from tho generosity of citizens upon whose voluntary contributions *£he Government find a proportionate subsidy. The estimate of the amount to be paid over to local bodies out'of territorial, revenue was. also exceeded. It is difficult to estimate the amounts payable by. way of ‘thirds and fourths/ which are dependent upon the receipts. The annual vote had, already, been exceeded by £1,115. y s . RESULTS OF THE TEAR 1894-95.

On tIC 31st March 1894, we closed our books with a net surplus cf .£290,238, to which we add the receipts for the past-year, amounting to ,£3,4/06,513. making a total of .£4,696,753: and deducting therefrom the ordinary expendure, amounting to M 206,629, there remains a balance of .£430024. out of which the amount of .£250,000 waa applied in aid of the public works fusd leaving a net suprlus"of .£180,024: at the close of the financial year, a result which must be as gratifying to members as it was to himself, and must add materially to the general ntability of the country. With regard to the issue of Treasury Bills, in anticipation of revenue, he was glad to inform members that he was able before the close of the year tc pay of? those that had been issued during the year, and to seduce the amount outstanding by £IOOO. The balance at the end cf year represents the surplus, which he had already stated to .£180,024.